Oak Ridge Investments LLC reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 26.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,711 shares of the semiconductor company’s stock after selling 9,792 shares during the quarter. Oak Ridge Investments LLC’s holdings in Marvell Technology were worth $1,308,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Safeguard Investment Advisory Group LLC bought a new stake in shares of Marvell Technology in the fourth quarter valued at about $25,000. TRU Independence Asset Management 2 LLC bought a new position in Marvell Technology in the fourth quarter worth about $25,000. Encompass Wealth Advisors LLC bought a new position in Marvell Technology in the fourth quarter worth about $25,000. Tompkins Financial Corp bought a new position in Marvell Technology in the fourth quarter worth about $27,000. Finally, Arlington Partners LLC bought a new position in Marvell Technology in the first quarter worth about $33,000. Hedge funds and other institutional investors own 89.31% of the company’s stock.
Marvell Technology stock opened at $51.80 on Friday. The company has a current ratio of 1.50, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. Marvell Technology, Inc. has a 12 month low of $32.53 and a 12 month high of $55.70. The stock has a 50 day moving average of $47.06. The stock has a market cap of $35.00 billion, a price-to-earnings ratio of -123.33, a PEG ratio of 2.32 and a beta of 1.10.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 28th. Shareholders of record on Friday, July 9th will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, July 8th. This represents a $0.24 annualized dividend and a yield of 0.46%. Marvell Technology’s dividend payout ratio is presently 41.38%.
A number of equities analysts have commented on the stock. Summit Insights upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a report on Tuesday. Morgan Stanley boosted their target price on shares of Marvell Technology from $44.00 to $49.00 and gave the stock an “equal weight” rating in a report on Monday, March 1st. KeyCorp boosted their target price on shares of Marvell Technology from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday. Susquehanna Bancshares restated a “buy” rating on shares of Marvell Technology in a research note on Thursday, June 3rd. Finally, Craig Hallum boosted their price target on Marvell Technology from $52.00 to $63.00 and gave the stock a “buy” rating in a research note on Tuesday. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $54.70.
In other news, CEO Matthew J. Murphy sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, May 17th. The stock was sold at an average price of $42.66, for a total transaction of $853,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew J. Murphy sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, March 15th. The stock was sold at an average price of $47.89, for a total value of $359,175.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,071 shares of company stock worth $2,357,411. Insiders own 0.33% of the company’s stock.
Marvell Technology Company Profile
Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; application specific integrated circuits; and printer SoC products and application processors.
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